The Africa mobile money market reached a transaction value of US$ 266.7 Billion in 2019. Mobile money is a payment type made using mobile phones. It is based on the accounts held by a mobile operator and is accessible from subscribers’ phones. Mobile money offers simple person-to-person transactions rather than complex banking transactions. Africa has the largest mobile money market across the globe with telecom operators embracing innovative practices that allow customers to pay bills and access services including loans, insurance and savings.
Mobile money provides various financial services to people who have limited access to traditional financial institutions especially to women and rural population. Growing mobile money providers in emerging markets such as Africa helps to boost the mobile money transactions in public and private sectors. Also, the high internet penetration rates will raise the mobile money transactions as well. Moreover, the ease of accessibility, 24/7 availability, security, lower transaction costs and user friendliness will accelerate the market growth in the forecast period in the region. Countries such as Kenya and Uganda have over half of the adult population using digital financial services. Apart from increasing access to financial services, the growing mobile money industry in African region has offered a new career path and additional income opportunities to many small-scale entrepreneurs as mobile banking agents. Further, with the mobile device becoming a regularly used device, mobile money services have prominently transformed the user’s payment and money transfer experiences. Looking forward, IMARC Group expects the Africa mobile money market to exhibit moderate growth during the next five years.
Market Breakup by Technology
Currently, USSD holds majority of the market share in the African mobile money market.
Market Breakup by Business Model
Currently, mobile led model holds the largest share in the African mobile money market.
Market Breakup by Transaction Type
Currently, peer to peer transaction type holds the highest share in the market.
Market Breakup by Country
Tanzania currently holds the largest market share.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
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